Current Deposit

For example, a Current Deposit will often be made into a bank or other financial institution’s account in the local currency. The deposit will then generally be made available to the customer for withdrawal at any time and without an early withdrawal penalty. Funds are typically made immediately available to the customer for withdrawal by writing a check. Such Current Deposit accounts are generally used for businesses that have a need for issuing checks to pay employee salaries and bonuses, as well as to provide cash for inventories and other such business expenses. The bank or financial institution where the Current Deposit account is held usually pays out interest on the funds periodically, such as monthly or quarterly.